How To Get Rich In Trucking, Build Wealth, Corporations & Pay Yourself LEGALLY
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- Опубликовано: 13 июн 2024
- We have this question asked all the time! Should I open a corporation? How to maximize my income? How to properly purchase a truck?
In today's video Ronen answers all of the questions regarding building wealth through your corporation. Are you a seasoned Owner Operator? Are you thinking of switching from being a Company Driver? Are you just getting your CDL? Leave a comment below.
Chapters:
00:00 The how and why of corporations
01:00 How to properly buy a truck through your corporation
04:15 How to properly pay yourself a salary (Pay statement)
09:38 Misclassifying your employment status
12:38 Consequences and solutions
Check out this video for more ideas on building passive income as a truck driver:
• Passive Income Strateg...
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This does not apply to single member LLCs in the USA unless they have filed with the IRS to be classified as an S-corp. Single member LLC are disregarded entities and unless you convert to an S-corp you are liable for all income regardless of how much you pay yourself.
Llc s corp. For the portion you don t pay yourself you re liable for income tax, but not FICA tax that is 16.5% (ss, madicare).
Best yt channel in canada for truckers..
Thank you Ronin for giving this such a valuable information
Thank you R O N E N, and happy New Year 🎊!!! 😃😃
I have to say Ronen, your channel brings allot of value to new truckers / owner operators. I appreciate fully your work...am very grateful for this content....Its too bad your in Canada, we need more businesses like yours here in the USA....SUSCRIBED FOR LIFE.
I was looking for a mentor and you the Man !! Thanks Ronin
Always GREAT INFORMATION!
"Drivers - Share With Others"
As usual You very helpful for our community!👍
Thank you for this very in-depth overview.
You are are dropping gems 💎
Thanks alot. I'm definitely taking notes.
Can you talk about the work life balance and if it’s possible to make a great income without practically living on the truck. That is being back daily, and able to spend time with family and pursuing hobbies and activities whilst also making good money as a trucker. Is this something that is possible?
Thank you for the video. Merry Christmas and happy holidays. Wish you all the best!
Thank u
Same to u and your family
(Ronen)
Keep the excellent content coming l!!!
Very informative thanks for sharing
Really beneficial information in your videos thank you very much
Great info to have, Thanks
Ronen; This is a good example to do all Truck Trailer Driver,,,
If you keep your living expenses low and invest 2500 a month in a basic index fund you will have 180000 . So if you have expensive cars with payments get rid of them get rid of your high interest debt if your single maybe live in your truck or at least rent or buy the least expensive thing that will work pack your own food instead of eating out . In five years you would have cash to buy a brand new truck with no loan . Or look for a series 60 powered century or Columbia you could rebuild those truck several times over with that kind of savings. You get sick and you have a paid for truck no big deal . You have a multi thousand dollar truck payment to make every month you don’t get the chance to take sick days you have to run or risk defaults. If your new coming into the industry don’t rush to get your own truck drive a company truck keep your expenses low learn as much as you can and save and invest as much as you can for a few years and just pay cash for a truck .
This is sort of where I'm at. I started solo driving for my first company last June and have no outstanding bills. Living in the truck and saving money. Figure I can probably do this another 2 years and reevaluate if I wanna keep going or not
Excellent content
Thank u
Appreciate the feedback :)
Wow : )! Thank you )! ps. The thumbs up counted this time.
thank u so much brother
Useful info
Wouldn’t be a bad idea to take a class of two on this.
Thank you sir
All the best!
Another great video. I live in the US and have had my authority since 1996. You do a awesome job with your channel, and even being in the industry as long as I have, I find many of your videos interesting. Just a question, and a couple points of interest.
1. In your example of setting up your corp. where you “loaned” your corporation the downpayment, how do you get those funds back to your personal account? Do you get them back through your payroll? In my case, waaaay back in the beginning, when I loaned my company the startup funds, I drew up formal loan documents just like a bank. I paid myself back monthly with 5% interest. I did claim the interest as income personally on my personal return. Not sure it is the best way to do it, but insured I got my initial investment back over time.
2. In the US you would only go to jail for tax evasion if you are a conservative.
3. 35-45% Tax bracket?😳 Holy shit, y’all need to tell Justin to cut a brother some slack! 🤦♂️😂😂
A video you should keep guys wise choices.
Im not even a trucker and im glad i found this channel
Glad u r enjoying it
Appreciate the positive feedback
In USA if you setup an S-Corp you're locked in for two years. You're unable to switch back to an LLC until year three. Under an S-Corp your corporation will have to pay corporate tax and as an employee under that corporation, you'll have to pay personal income tax. So you will pay twice, corporate and personal. S-Corp will give you better protection for your personal assets. Under an LLC you'll be able to use the business expenses to reduce your personal income tax though your income will be higher because all of the business income will be counted towards you. LLC's do give you some legal protection though it depends on the state you're setup in. It's easy to setup an LLC. It may take you a couple of hours.
@ET Transpot do you guys have a video on "understanding your numbers" in the trucking industry?
Exelente👍🏼👍🏼
Can you name a few of those companies that are good to become OO. I love your Chanel guy’s.
great video. I have a sole proprietor business but planning on incorporating. my question is how do I get my financed truck from my personal name to the incorporated name? thanks for all the great info, your videos are great help.
Send a message to the finance company to add the corporation name to the lease / financing
Also provide them with updated void check of the Corp.
Hope this helps
(Ronen)
Thank you very much for sharing good information to everyone. I cleared your explanation. 🙏👍💯🥰
I have heard this term in several of ronin's videos, but what is an HST? Or is that specific to canada?
Ronen I just passed my DOT physical, drug screen, background and MVR and have my CDL learners permit. Starting school in 2 weeks (after a vacation). My LLC is setup and have 200k cash to start but, I'm torn between a heavy haul HotShot (50k GCWR) with a sleeper or a single screw semi FB or step deck with sleeper. I'm out of central Florida. What are your thoughts? With HotShot I could start with all new gear and be debt free, semi I would have to go used to be debt free which concerns me. TIA
Hey! Quick question
Currently I’m working as a owner operator with carrier company and Now I got my company as well but as you know new companies need more time to get on track! is that ok if I can still work with old company as a owner operator and whenever I have My company I can do that also ? Is that possible? I’m working local!
Thanks
This may work in a good pay market
Not at this time when loads pay not even fuel money , load Georgia to California paying 2500 dollars
Before you go in trucking get a load board and monitor market to see if it worths trucking
Also the deposit amounts cannot be at or over $10000k at any one time. IRS sees it immediately
i want that shirt
Is a lease operator considered a company driver?
could we issue dividends?
What is the difference between Corporation and an LLC?
This is local right?
Awesome video thank You for all the useful information. Keep up with these amazing videos
Thank u
Appreciate the positive feedback
It is irresponsible to say that it does not matter. Kids today have sense but they don't always have time to teach their kids alone. It does matter. Needs to protect our communities...end of rant
Truckers need a lobby for things like insuring there are properly placed rest stops. City planners & Designers need the input.
I have 10 years left in my career… what sound advise can you give me to maximize my retirement. And then how do I get out?
For that we need to arrange a phone call
Message me your contact information
Sponsorship@ettransport.ca
How can I reach out to you personally I'm a new trucker and I'm starting as an owner operator right out of the gate.
To connect with Ronen, the expert providing consultations for aspiring truck drivers, owner-operators, and small fleet owners, please don't hesitate to contact him via email at sponsorship@ettransport.ca 😊
Thanks for making it super easy to digest Ronen. Only question I have is the difference between Corp and LLC. I think Brian touched on this a bit ago. Do they share any of the same perks? And what are the differences?
Would love that
And we can even get it on Camera :)
Good video, lot of helpful information. Here in USA the only important thing is the way you get paid. If you get paid through a W2 then you are an employee but if you get paid through a 1099 which is the most common then you are a contratista and you can get paid through your own company even if don’t own the truck and that is not illegal, you offer your service as a driver through your company and you pay taxes as a sole proprietor.
Thanks for the info
I didn’t know that
Hey Ronan, are you sure we can’t do this legally in Canadá too?
@@openroad1240 I know this is old, but you cannot in Canada
Hi Ronen,
I just want to Thank you for making this video. 16:07 This video is possibly the best Christmas gift from ET Transport for its subscribers.
If I transition from a company driver to an owner/lease operator down the road, I would personally come to the Concord Terminal to thank you for your guidance through out the journey.
Anytime
That would be great
Appreciate the positive feedback.
I would like to play as a lease operator if you don't accept me can you refer me to someone who can I've already applied
This helps cause I am getting my truck in a few week's
Perfect
Glad I was able to help
Awesome man😃🍻 what are ya getting?
Well said Sir. Ronen
Seasons Greetings, hope they listen 👂 because you can't win against the government when it comes to taxes. ⛄🎅☃️🎄🎉
The statements are extremely helpful..
I’m glad they are helping
😅😅😅
The best way to make money in trucking is to park that truck for good
Do ypu really lose more money if you take home pocket 100 thousand cuz of taxes?
Yes it’s better to invest into 401k especially if the company matches it
. 65 is a damn lie! That 1099 pay 😡
You said pay taxes on the 60k but that 60k in the corp acct you have to pay taxes on that too right?
Yes
But only 13.5%
Personal u will pay around 30%
If you are a single member LLC then you pay taxes on all of it. If you are in the US, you’d need to file to become an S-corp and also have a payroll for your corp, paying into workers comp, social security etc, plus payroll expenses.
@@NorthAmerican-Trucking-News why dont you just pay yourself 0 and get the whole 121k paid out as a corporation if you have the means?
Would the govt frown on this?
I know you would miss out on rrsps butnit definitely be worth it.
@@paullabonte9497
Because that is tax fraud and the government will come for you.
How to make a million $ in trucking …. Start with 2 and wait
Ronen im a new driver take me in man .. Consider it please.
let me gain experience.
@Troy when you don't get employed after having your licence for 6 month u have to do everything.
Stay safe fellow driver.
@Troy bless your soul Tory.
Thnx for the info brother.
Hi Ronen,
I'm confused because I had no idea that I couldn't be in a corporation and be a company driver. I'm a new driver and recently joined a company as a company driver and I am under a corporation. But the thing is the company themselves has asked me to go under a corporation and give them my banking details for that corporation so I can get paid under it. Everyone (including my accountant) I've talked to has said this is the right way to do it because of the benefits of being in a corporation. So, am I doing it all wrong?
I should do a separate video on this.
I will address this in one of my next videos
Thanks for sharing.
You are not wrong he is wrong in the USA is totally legal is 1099 pay.
I know hundreds of drivers doing it without any problems for many many years..he is just confusing people (Romen).
@@richardr2362 I’m not in the US. I live in Canada.
Haha, get rich in trucking… how’s that working out now with these rates… lmao
Start training yourself on how to live poor and for Christ, bcuz they are going to wipe out your SAVINGS!! Only the wise will understand!!
You ain't going to get rich in trucking
Chase is a joke.
You don't sound like you're from Canada. Your accent sounds like you're from Servia and You moved to Canada.